[lbo-talk] Mortgages

Jordan Hayes jmhayes at j-o-r-d-a-n.com
Sun Feb 22 15:57:02 PST 2009

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> So when we refinance, the USG is paying off these original
> mortgages off at full face value?

We call that 'payoff value' but, yes.

> Then why do you need step one?

Because only about half of the mortgages out there are securitized.

/jordan